Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Toole County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $266,448 | $242,768 | $242,182 |
| Price Trend (Annual %) | 32.4% | 4.0% | 8.2% |
| Median Gross Rent | $753 | $1,031 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 5.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Toole County is about 10% higher than in Montana. Rent is about 27% lower than the Montana average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Toole County, up about 32.4% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Toole County rose about 36.0% between 2015 and 2023, from $554 to $753. Over the same span, rent in Montana rose about 45.0%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Toole County.
Buying the median-priced home in Toole County costs roughly 29.5 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Toole County. The price-to-rent ratio in Montana is about 19.6.
| Metric | Toole County | Montana Avg | US Average |
|---|---|---|---|
| Median Home Price | $266,448 | $242,768 | $242,182 |
| Median Household Income | $53,601 | $69,624 | $78,145 |
| Price-to-Income Ratio | 5.0 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Toole County rose about 258.1%, while median household income rose about 31.5% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Toole County | Montana Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.7% | 60.1% | 58.2% |
| Rental Rate | 27.8% | 26.5% | 31.3% |
| Vacancy Rate | 21.5% | 13.4% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Toole County has a homeownership rate of 50.7%, lower than the Montana average of 60.1%. Its housing vacancy rate is 21.5%, compared with 13.4% in Montana.
Housing Stock
| Metric | Toole County | Montana Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.38 people | 2.38 people | 2.54 people |
| Median Structure Built Year | 1965 | 1980 | 1978 |
| Median Number of Rooms | 5.9 | 5.6 | 5.5 |
The typical housing unit in Toole County was built around 1965. On average, 2.4 people live in a home with about 5.9 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Toole County, Montana.
What is the median home price in Toole County, Montana?
The median home price in Toole County, Montana is $266,448, higher than the Montana average of $242,768.
What is the average home price in Toole County, Montana?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Toole County, Montana?
The median gross rent in Toole County, Montana is $753 per month, lower than the Montana average of $1,031.
What was the median gross rent in Toole County in 2020?
In 2020, the median gross rent in Toole County, Montana was $568 per month.
What is the price-to-rent ratio in Toole County, Montana?
The price-to-rent ratio in Toole County, Montana is about 29.5, meaning it would take roughly 29.5 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Toole County.
Are home prices or rent rising faster in Toole County, Montana?
Both home prices and rent are rising in Toole County, up about 32.4% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Toole County, Montana?
50.7% of households in Toole County, Montana own their home, lower than the Montana average of 60.1%.
What is the vacancy rate in Toole County, Montana?
The housing vacancy rate in Toole County, Montana is 21.5%, higher than the Montana average of 13.4%.